I suspect the realistic bottom for this bitcoin "crash"/ correction is at 4500/4800 dollars. To back up my statement I am showing you that bitcoin has broken trough the 6000 dollar support and is "free falling" towards the next, RSI looks bearish in the short term implying that we are heading towards 4500/4800 dollar price region.
RSI, As you can see I am displaying the RSI in the 1 week chart, The RSI is heading towards the same region as in the 2014 crash ( shown in the yellowish circles).
Like you are shown the RSI still has some way to go until the 2014 RSI levels.
This for me suggets that BTC will drop a bit more to 4.5k-4.8k region.
Now this is all speculation but I wanted to share my opinion and views on this matter.
Thank you and hope this helps you in future trades!
RSI, As you can see I am displaying the RSI in the 1 week chart, The RSI is heading towards the same region as in the 2014 crash ( shown in the yellowish circles).
Like you are shown the RSI still has some way to go until the 2014 RSI levels.
This for me suggets that BTC will drop a bit more to 4.5k-4.8k region.
Now this is all speculation but I wanted to share my opinion and views on this matter.
Thank you and hope this helps you in future trades!
Note
for some reason the RSI is showing 40.2044 at this time in the one week chart, but the RSI is about 31.53 in the one week chart. Which means that the RSI is almost at 2014 bottom levels.Note
I am expecting a bounce back to 4500-4800 levels in the near future. Let me know if you people have any other opinions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.